Oil's Rise Threatens Economic Growth

By

Guy Chazan

Updated March 1, 2011 12:01 a.m. ET

As unrest in Libya keeps crude prices high, the U.S., Europe and Japan might have to spend almost $200 billion more on imports of crude this year than they did in 2010, potentially threatening their economic recoveries, the International Energy Agency said.

IEA chief economist Fatih Birol said in an interview that if the price of oil averages $100 a barrel this year, the U.S. would have to spend $385 billion on oil imports—nearly $80 billion more than it did last year. The European Union would have to spend $375...